By John Lee.
The State-owned Trade Bank of Iraq (TBI) is reportedly looking to acquire a lender in Turkey, the country’s biggest trade partner, after abandoning a previous attempt.
Chairman Faisal Al Haimus is quoted by The National as saying that the TBI is keen on a conventional bank rather than a Sharia-compliant bank, but he declined to name a target.
Buying a Turkish bank would be the TBI’s first overseas acquisition, which will be financed from $350 million the lender earmarked for buying assets.
(Source: The National)